Softbank pumps £510m into finance firm Greensill that could kill off payday lenders
Japanese conglomerate Softbank is set to inject another £510million into British online finance firm Greensill as part of plan to launch a new service that aims to wipe out controversial payday loans. City sources said Greensill, set up by former Morgan Stanley banker Lex Greensill, is in advanced talks to buy FreeUp, a technology company that should enable the firm to offer ordinary workers early payment of their wages. SoftBank’s Vision Fund, led by maverick entrepreneur Masayoshi Son, is pouring in more than half a billion pounds to support the expansion strategy. Sources said the deals could be announced as soon as this week. To read more, please click on […]
London Fintech Yordex adds smart cards to suite of software
UK fintech Yordex is making it simple for fast-growing companies to control business spend by adding company cards to its smart spend management solution, giving businesses complete visibility and authority over their current and future finances. Expense management currently takes up a disproportionate amount of time and money within most organisations; on average, it costs in excess of $20 in people power to process every invoice or expense claim, while expenses only account for less than 6% of total company spend. In addition, firms struggle to get a real-time picture of their financial health, as their existing software platform only provide a historical view of spend. It takes an average […]
UnionPay International signs long-term partner agreement with global payment innovator Verrency
Verrency today signed a long-term agreement with UnionPay International (UPI), a wholly owned subsidiary of China UnionPay (CUP), to offer Verrency’s innovative value-added services to Union Pay’s issuing banks across Asia. Verrency’s services will be delivered via the UPI Wallet, Union Pay’s innovative API service. Signing the formal agreement were David C. Link, Chief Executive Officer/ Executive Chairman, Verrency, and Shuan Ghaidan, Product Director, UnionPay International. Shuan Ghaidan said: “We are very glad to be working with Verrency to offer further control, service, convenience and security to our customers. Verrency’s innovative services will further enhance the value of the UPI Wallet and the value that Union Pay enables for its issuers. […]
Apple says it will overtake Samsung Pay by year’s end
Apple has indicated it plans to launch Apple Pay in a number of new territories before the start of 2018, a feat that would see it catch up to and overtake current digital wallet frontrunner Samsung. Speaking at the company’s earnings call yesterday, Apple CFO Luca Maestri says that “the reach, usage, and functionality of Apple Pay continued to grow.” He claims that “Apple Pay is by far the number one NFC payment service on mobile devices, with nearly 90 percent of all transactions globally. Momentum is strongest in international markets, where the infrastructure for mobile payments has developed faster than in the US.” “In fact, three out of four […]
Search for 2017 Fintech 100 innovators kicks off
Nominations are now open for the 2017 KPMG & H2 Ventures Fintech 100, the annual list designed to recognize leading fintech innovators. Visit www.fintechinnovators.com by Thursday, 31 August 2017 and nominate your company, or any fintech you think should be considered for the Fintech 100. The Fintech100, available at www.fintechinnovators.com, is compiled by fintech investment firm, H2 Ventures in collaboration with KPMG’s Global Fintech practice. The annual Fintech 100 includes both the leading 50 established fintechs, and the most intriguing 50 “emerging stars.” How to nominate and the judging process: Nominations for the Fintech 100 can be made at www.fintechinnovators.com website by Thursday, 31 August 2017. […]
Vantiv offers Worldpay a deal valued at $10 Billion
Worldpay Group, the British payment processing company, said on Wednesday that it had agreed in principle to be acquired by Vantiv, an American rival, for 7.7 billion pounds. The transaction, valued at about $10 billion, is one of the most significant in the field since the financial crisis. Payment processing has become increasingly important for financial institutions as more people shop online and move money using cellphones or other digital devices. Worldpay disclosed on Tuesday that it had received takeover approaches from both Vantiv and JPMorgan Chase, an announcement that sent its shares 23 percent higher. Shortly after the deal was announced on Wednesday, JPMorgan said it did not intend […]
Investors are preparing to give fintech app Revolut £50 million even though it’s bleeding money
Fast-growing fintech app Revolut is close to sealing a £50 million funding round that will value the nascent company at £300 million, Sky News reports. London VC Index Ventures, already an investor in Revolut, is leading the round, Sky says. Silicon Valley investor Ribbit Capital is also said to be taking part in the round. CEO and founder Nikolay Storonsky told TechCrunch earlier this month that the company was close to “large equity round.” London-based Revolut offers a pre-paid international currency card, initially offering zero-fee, zero-commission foreign exchange. Cash is pre-loaded to the card through an app. The big round and chunky valuation are eye-catching for a number of reasons. […]
Britain leading the way in fintech adoption, report shows
Britain is leading the way in fintech adoption in the developed market, according to a new report from professional services and Big Four firm EY. EY’s fintech adoption index showed that 42 per cent of consumers in the UK are now using fintech services. However, there has been growth worldwide when it comes to the adoption of financial technology, with usage rates being high in emerging markets such as South Africa, China, India, Brazil and Mexico. Highest Emerging markets topped the fintech adoption index, with China having the highest adoption rate at 69 per cent, followed by India at 52 per cent. The report, which was based on findings from […]
